Philippines Trade Data
19-May-2023
Philippines' MANILA On Wednesday, President Ferdinand "Bongbong" Marcos Jr. and Vietnamese Prime Minister Pham Minh Chinh met outside of the ASEAN Summit to discuss ways to expand their collaboration in the areas of trade, tourism, defence, and security.
According to Marcos Jr., relations between the two nations should go "beyond just trading in rice" and instead focus on other things like reviving the tourism industry after the epidemic or even attempting to trade in other goods.
He noted that talks between the military and Foreign Service officials of the Philippines and Vietnam might start soon.
"I think that the market is ripe for continued development in the areas of course as I mention, in agriculture, transfer of technologies for climate change, the different areas that we have been looking at also at specific products that Vietnam has been successful at," said Marcos Jr.
Vietnam's largest rice export market is the Philippines, where 2.47 metric tonnes of rice will be shipped to Manila in 2022. $1.4 billion worth of rice was sent to the Philippines last year according to Philippines Export Data
Pham reassured Marcos that Vietnam will keep working "to provide a long-term strategic supply" of goods to the Philippines.
He also expressed "great sympathy" for Manila, whose susceptibility to natural calamities is one of the causes impacting its agricultural productivity.
On the other hand, Vietnam requested support from the Philippines for its UN agency nominations, including the UN Security Council and UN Human Rights Council. Additionally, the Philippines put forth a proposal for a spot on the UN Security Council last year.
This week, leaders from ASEAN-member nations are in Indonesia for the 42nd ASEAN Summit and Related Summits, where discussions about the conditions in Myanmar and the South China Sea as well as the problem of international human trafficking will be on the agenda. — I'm Kaycee Valmonte.
The expansion of relations between the Philippines and Vietnam goes beyond the rice trade due to several factors. While the rice trade has historically been an important aspect of their bilateral relationship, both countries have recognized the need to diversify and strengthen their ties in various areas. Here are some reasons why the Philippines and Vietnam are expanding their relations beyond the rice trade:
Economic Cooperation: Both the Philippines and Vietnam have vibrant and growing economies. They have realized the potential for greater economic cooperation in areas such as investment, manufacturing, tourism, technology, and services. By expanding their relations, they can explore new opportunities for trade and investment, which can benefit both countries.
Strategic Importance: The Philippines and Vietnam are strategically located in Southeast Asia, making them important players in the region. Strengthening their bilateral relations allows them to enhance their geopolitical position and work together on common regional issues, including maritime security, counterterrorism, and disaster management.
Shared Interests: The Philippines and Vietnam share common interests in areas such as regional stability, sustainable development, and the rule of law. By expanding their relations, they can collaborate more closely on these shared interests and work together to address regional challenges and promote mutual prosperity.
Cultural and People-to-People Exchanges: Building stronger relations goes beyond economic and political aspects. Cultural and people-to-people exchanges play a crucial role in fostering mutual understanding, friendship, and cooperation. By promoting cultural exchanges, tourism, and educational collaborations, the Philippines and Vietnam can deepen their ties and create stronger bonds between their peoples.
Regional Integration: Both countries are active members of regional organizations such as the Association of Southeast Asian Nations (ASEAN) and participate in various regional initiatives. By expanding their relations, the Philippines and Vietnam can contribute to the overall integration and development of ASEAN and collaborate on regional projects and initiatives.
Overall, the decision to expand relations beyond the rice trade reflects the recognition by the Philippines and Vietnam that they have much more to gain by strengthening their overall bilateral ties. By diversifying their cooperation in various sectors, both countries can maximize their potential for mutual growth and contribute to regional stability and development.
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